PTHS Form 4: Director Friedberg discloses Pelthos stock trades

Rhea-AI Filing Summary

Pelthos Therapeutics Inc. director reports stock sales through entities

Director Ezra M. Friedberg reported several open market sales of Pelthos Therapeutics Inc. (PTHS) common stock on 11/25/2025. Through Balmoral Financial Group LLC, he reported multiple sale transactions of common stock at prices ranging from $28.00 to $28.50 per share, including individual trades of 5,999 shares at $28.00, 2,000 shares at $28.135, 1 share at $28.50, and 2,000 shares at $28.005.

Following these transactions, the filing shows 30,000 shares of common stock beneficially owned indirectly through Balmoral Financial Group LLC, 40,000 shares indirectly through Key Recovery Group LLC, and 54,573 shares held directly. The filing notes that Mr. Friedberg is the manager of both Balmoral and Key and may be deemed to beneficially own the shares they hold, while he disclaims beneficial ownership except to the extent of his pecuniary interest.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Friedberg Ezra M

(Last) (First) (Middle)

C/O PELTHOS THERAPEUTICS INC.

4020 STIRRUP CREEK DRIVE, SUITE 110

(Street)

DURHAM NC 27703

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Pelthos Therapeutics Inc. [ PTHS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/25/2025		S		5,999	D	$28	34,001	I	By Balmoral Financial Group LLC(1)
Common Stock	11/25/2025		S		2,000	D	$28.135	32,001	I	By Balmoral Financial Group LLC(1)
Common Stock	11/25/2025		S		1	D	$28.5	32,000	I	By Balmoral Financial Group LLC(1)
Common Stock	11/25/2025		S		2,000	D	$28.005	30,000	I	By Balmoral Financial Group LLC(1)
Common Stock								40,000	I	By Key Recovery Group LLC(1)
Common Stock								54,573	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Ezra Friedberg is the manager of Balmoral Financial Group LLC ("Balmoral") and the manager of Key Recovery Group LLC ("Key"). By virtue of this relationship, Mr. Friedberg may be deemed to beneficially own the shares of Common Stock held of record by each of Balmoral and Key. Mr. Friedberg disclaims any such beneficial ownership except to the extent of his pecuniary interest therein.

	/s/ Ezra M. Friedberg	11/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Pelthos Therapeutics (PTHS) disclose in this Form 4 filing?

The filing reports that director Ezra M. Friedberg executed several sales of Pelthos Therapeutics Inc. (PTHS) common stock on 11/25/2025, primarily through an affiliated entity, and updates his beneficial ownership positions.

How many Pelthos Therapeutics (PTHS) shares did Ezra M. Friedberg sell?

The filing lists multiple sales of PTHS common stock on 11/25/2025 through Balmoral Financial Group LLC, including trades of 5,999 shares at $28.00, 2,000 shares at $28.135, 1 share at $28.50, and 2,000 shares at $28.005.

At what prices were the Pelthos Therapeutics (PTHS) shares sold?

The reported sales of PTHS common stock on 11/25/2025 occurred at prices of $28.00, $28.135, $28.50, and $28.005 per share, as disclosed in the transaction table.

How many Pelthos Therapeutics (PTHS) shares does Ezra M. Friedberg beneficially own after these transactions?

After the reported transactions, the filing shows 30,000 shares of PTHS common stock beneficially owned indirectly through Balmoral Financial Group LLC, 40,000 shares indirectly through Key Recovery Group LLC, and 54,573 shares held directly.

What is the relationship between Ezra M. Friedberg, Balmoral Financial Group LLC, and Key Recovery Group LLC?

The filing states that Ezra Friedberg is the manager of Balmoral Financial Group LLC and the manager of Key Recovery Group LLC. Because of this relationship, he may be deemed to beneficially own the PTHS shares held by these entities, but he disclaims such beneficial ownership except to the extent of his pecuniary interest.

What is Ezra M. Friedberg’s role at Pelthos Therapeutics Inc. (PTHS)?

The form identifies Ezra M. Friedberg as a Director of Pelthos Therapeutics Inc. (PTHS), which is the capacity in which he is reporting these ownership and transaction details.